However, Andy Serkis -- a.k.a. Gollum -- last night told Digital Spy that the project will start shooting towards the end of the year, while TheOneRing concurs, claiming that financial problems at MGM will put the films back.

They quote their source inside the production as saying, "At this stage we are all working and hoping for the best case scenario. Without a doubt, the MGM situation carries great importance."

MGM is currently massively in debt, with several other parties bidding to buy the studio and its properties.

TheOneRing says filmmakers are still hoping for a 2011 release for the first film, but 2012 may now seem like a more realistic prospect.